This article is written and sponsored by Transparency Market Research.
Growing concerns about the overall health profile of traditional dairy products and rising consumer adoption of plant-based diets are generating considerable opportunities for companies in the plant-based milk market.
In fact, Transparency Market Research (TMR) forecasts the plant-based milk market to expand at a CAGR of 8% through 2029 and reach a valuation of $30 billion.
At present, a wide range of products such as almond milk, soy milk, rice milk, oat milk, and coconut milk are available in the space, with regular or flavored options available across the retail channel.
Growing Concerns about Dairy Products
In recent years, several factors have had a negative impact on the overall health profile of dairy products including the use of hormones and concerns about allergens and rising cases of lactose intolerance. With that, consumers are looking for alternatives, such as plant-based milk.
Millennials, Gen and a Growing Preference for Clean Label Products
Demand for healthy, sustainable, plant-based alternatives is increasing among Gen Z and Millennial populations around the world. Further, consumers across the globe are inclining toward buying clean label products with no artificial additives and synthetics.
Flavor Innovation Is Key for Attracting New Customers
Growing competition in the plant-based milk market is pushing companies to innovate their product offerings. Danone, for example, offers a broad range of flavored plant-based milk products, leveraging its research capabilities and industry expertise.
Other Market Factors
Some of the key players operating in the global plant-based milk market are Groupe Danone, Pacific Foods of Oregon, Inc., The Hain Celestial Group Inc., Turtle Mountain LLC, Vitasoy International Holdings Limited, and Natura Foods. Further, Latin America, North America, APAC (Excl. China), Europe, China, MEA, and Oceania are some of key regions of the global plant-based milk market. Also, the presence of vegan population in many countries of the Asia Pacific region is expected to help in the regional market expansion.
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